I actually think they made the right trade-offs here. Reminds me of Argent's (yes booo shitcoins) guardian recovery system but with a hardware device instead of social guardians. Not really a cold wallet replacement but more of a hot wallet backup/security setup which is much needed for normies.
So it’s enforced by Block server: it won’t sign larger transactions than what’s in their config, right?
That means fairly low trust for the “large transactions require hw key” guarantee.
It’s ok, just making sure I understand it. Still useful if you wanna guard against your kids/spouse taking your phone and sending everything somewhere you don’t like, but that’s about it.
Yeah, enforced by Block. So there'd have to be a bad actor at Block getting access to the key somehow or some hacker that accesses it. Or a bug of course. I'm sure they'll have some kind of "X sats per day" thing as well. So if someone does get ahold of your device they won't get more than X.
I'm 99% sure there'll be a button in the app that lets you freeze the signing as well, would ben uts if they didn't have something like that.
I think this is a great step towards safer mobile wallets. The dream would be if they also open sourced it and made it easy to self-host so you use your own "Block" server.
A mobile app that’s easy to use and allows customers to safely own and manage their bitcoin, while finding partners where they can buy/sell/convert between fiat and bitcoin
A hardware device that adds additional layers of security when moving money and acts as a self-serve recovery kit when a customer loses their mobile wallet
Recovery tools that help customers recover from losing part or all of their wallets, and that have a clear, defined set of rules to provide customers with reasonable support and peace of mind
Here's the Tweet that starts the thread sharing this post:
We've just posted additional context about what we're building, who we're building for, and how a fingerprint sensor fits into the whole product we're offering. More in 🧵, and read the post here:
I actually think they made the right trade-offs here. Reminds me of Argent's (yes booo shitcoins) guardian recovery system but with a hardware device instead of social guardians. Not really a cold wallet replacement but more of a hot wallet backup/security setup which is much needed for normies.
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How will the limits for small payments (that you can execute without hardware key, only app+Block server) be enforced?
Ie. Can that be changed by hacking Block server, or is it somehow enforced by Bitcoin network?
That is a risk albeit a small one. Since they only hold one of three keys, the hacker can't do anything with it, unless they also hack you.
It's a pretty clever solution! :)
So it’s enforced by Block server: it won’t sign larger transactions than what’s in their config, right?
That means fairly low trust for the “large transactions require hw key” guarantee.
It’s ok, just making sure I understand it. Still useful if you wanna guard against your kids/spouse taking your phone and sending everything somewhere you don’t like, but that’s about it.
Yeah, enforced by Block. So there'd have to be a bad actor at Block getting access to the key somehow or some hacker that accesses it. Or a bug of course. I'm sure they'll have some kind of "X sats per day" thing as well. So if someone does get ahold of your device they won't get more than X.
I'm 99% sure there'll be a button in the app that lets you freeze the signing as well, would ben uts if they didn't have something like that.
I think this is a great step towards safer mobile wallets. The dream would be if they also open sourced it and made it easy to self-host so you use your own "Block" server.
Agree
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I like this approach for the masses as well. I still hope one can protect their privacy using this wallet.
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I really like this, can't wait for their mining rig as well. Even if it won't be that profitable.
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I want this. The "large" (3-sig) vs "small" (2-sig) transactions make a ton of sense.
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Hopefully it will work like SeedSigner. (https://seedsigner.com/)
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Here's the Tweet that starts the thread sharing this post:
view on twitter.comAnd the rest of the Twitter thread, unrolled:
Thread by @max_guise on Thread Reader App
https://threadreaderapp.com/thread/1507043976607457295.html
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